WarnerMedia announced on Thursday that it had closed a deal with "Star Wars: The Rise of Skywalker" director J.J. Abrams and his wife Katie McGrath for their production company, Bad Robot, which they are co-CEOs of, to create exclusive content.

Variety reported on Thursday that the deal was worth $500 million, but "insiders say that it could be worth even more if certain performance-related targets are reached." However, "multiple sources" told The Hollywood Reporter that the deal is "worth more in the line of $250 million as opposed to the previously reported $500 million estimate."

The search for a home for Bad Robot has been long in the making and the pair were sought by several other major entertainment and tech companies, from Apple to Disney to Netflix. The Hollywood Reporter originally reported that WarnerMedia had landed Bad Robot, but the official announcement came three months later.

The deal is a five-year agreement that runs through 2024. WarnerMedia said in its announcement that Bad Robot will develop and produce theatrical movies as well as content for all of its platforms, including its upcoming streaming service, HBO Max.

But the company said it "will honor existing obligations to Paramount Pictures," where he's served as a producer on the "Mission: Impossible" and "Star Trek" movies. Abrams also directed "The Rise of Skywalker" for Disney, which comes to theaters in December.

Abrams' previous collaborations with Warner Bros. Television Group includes executive producing HBO's "Westworld," Hulu's "Castle Rock," and Fox's "Fringe," which he cocreated.

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